Paytm FASTag: RBI Issues FAQs, Ensures Continuity of Toll Payments

Orhan Wadia
Orhan Wadia - Editor
3 Min Read

The Reserve Bank of India (RBI) has released frequently asked questions (FAQs) regarding Paytm FASTag, addressing concerns about the ability to continue toll payments and the transition away from Paytm Payments Bank (PPBL). The RBI reassured users that they can still utilize FASTags for toll payments up to their available balance after March 15, 2024. However, funding or top-ups for FASTags issued by Paytm Payments Bank will not be permitted after this date.

The Indian Highways Management Company Ltd (IHMCL), the toll collecting arm of NHAI, has advised highway users to obtain FASTags from 32 authorized banks, excluding Paytm Payments Bank, for seamless travel. The list of authorized banks includes Airtel Payments Bank, Allahabad Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.

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Key Points from RBI FAQs:

  1. Continuity of Toll Payments: Users can continue using Paytm FASTags for toll payments until the available balance is exhausted after March 15, 2024.
  2. Top-Up Restriction: After March 15, 2024, users won’t be able to top-up or recharge their FASTags issued by Paytm Payments Bank.
  3. Account Transition: Customers and merchants of Paytm Payments Bank are advised to shift their accounts to other banks by March 15, facilitating a smooth transition.
  4. Credit Balance Transfer: The FASTag product does not support the transfer of credit balances. Users must close their old Paytm FASTags and request a refund from the bank.

The RBI emphasized that the withdrawal or utilization of balances by Paytm Payments Bank customers, including savings and current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, will be permitted without any restrictions, even beyond March 15.

In parallel, the IHMCL encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process for their latest FASTags, aligning with RBI guidelines. Authorized banks for issuing FASTags include Union Bank of India, Kotak Mahindra Bank, Axis Bank, and others.

FASTag, an electronic toll collection system operated by NHAI, utilizes Radio Frequency Identification (RFID) technology, allowing toll payments directly from linked bank accounts.

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